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« BREAKING: Bernie Sanders' Version of 'Audit The Fed' Passes Senate Unanimously 96-0 | Main | Death March 2010: Fannie Loses A Cool $13 Billion In Q1, Wants $8.4 Billion More -- Bailout Tally Now At $85 Billion »
Tuesday
May112010

WATCH LIVE: Senate Votes On 'Audit The Fed' -- Sanders & Vitter Amendments @ 11:45 AM

Click to watch LIVE on C-Span  >>

Updates are inside at the bottom of the story.

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Ron Paul has changed his mind and is now asking Senators to vote 'YES' on both the Sanders compromise amendment and David Vitter's version, which has the exact same language as the original Grayson-Paul House bill.

Paul is worried about support disintegrating along party lines and fears that neither amendment will pass as Republicans support Vitter and Democrats go with Sanders.

I am hurrying to get this story published.  I will be adding links, video and comment from Ron Paul shortly.

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From David Dayen at FDL

Ron Paul has backed off his intense initial criticism of the Sanders compromise on the audit the Fed amendment, saying that he supports passage of a measure that ensures “their sins of the past would be revealed and Americans would know more about who got bailed out by the Fed and under what terms.” He doesn’t think that goes far enough, however, and also endorses an amendment from David Vitter which includes the original Grayson-Paul audit language, above what he terms a “one-time disclosure.”

(It’s important to note that there is already language in the bill that would force disclosure of future emergency lending in a similar fashion. So while calling this a “one-time” audit diminishes its impact, it actually brings the prior lending during the crisis in line with the standard going forward, which encourages more transparency. Not to mention the fact that this disclosure, if it yields anything politically explosive, surely would not be the end of the fight, and would improve the chances for more explorations into the Fed’s activities and reform of their operations.)

Paul urged the passage of both the Sanders and the Vitter amendments, and Senators will get a chance to vote on them this morning. The vote is expected at 11:30am ET, with side-by-side votes of both amendments. This could hold some peril for both amendments if Republicans spurn the Sanders compromise and Democrats spurn the Grayson-Paul language. However, the fact that both will get a vote, and the fact that Paul endorsed both, leads me to believe that at least the Sanders measure will pass.

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William Greider: Outing The Fed (Greider wrote the bible on Fed secrecy)

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Ron Paul Backs Fed Audit Compromise (Ryan Grim)

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Reader Comments (16)

http://globaleconomicanalysis.blogspot.com/2010/05/ron-paul-says-its-not-too-late-to-call.html

Ron Paul Says It's NOT Too Late To Call Your Senator; Sanders Wimps Out; Paul Backs the Vitter amendment
May 11, 2010 at 11:47 AM | Registered CommenterDailyBail
US Senate To Vote At 11:30 on Two Fed Audit Amends To Reg Bill

http://imarketnews.com/?q=node/13273
May 11, 2010 at 11:47 AM | Registered CommenterDailyBail
May 11, 2010 at 11:52 AM | Registered CommenterDailyBail
May 11, 2010 at 11:53 AM | Registered CommenterDailyBail
Vote on Sanders amendment is happening NOW...
May 11, 2010 at 12:01 PM | Registered CommenterDailyBail
Democrats are all voting YES...i believe it needs 60 votes...
May 11, 2010 at 12:02 PM | Registered CommenterDailyBail
PASSES 96-0...

Wow...
May 11, 2010 at 12:06 PM | Registered CommenterDailyBail
But I saw something on the screen saying an audit from September 2008 forward...

It was supposed to be From JAnuary 2008 forward...

Was there another compromise...if so, Bear Stearns and MAiden Lane I just got exempted from the Audit...
May 11, 2010 at 12:10 PM | Registered CommenterDailyBail
Scott Brown just voted against the Vitter amendment...bastard...
May 11, 2010 at 12:17 PM | Registered CommenterDailyBail
But I saw something on the screen saying an audit from September 2008 forward...

It was supposed to be From JAnuary 2008 forward...
----------------------------------------------------

C-SPAN must have assumed that the "crisis" started in September 2008.

It appears that the Sanders Amendment will authorize an audit of activity going back to December 1, 2007.

http://www.huffingtonpost.com/2010/05/11/judd-gregg-feds-biggest-d_n_571667.html

http://www.businessweek.com/news/2010-05-11/senate-approves-amendment-to-audit-the-fed-s-emergency-lending.html

http://www.nytimes.com/2010/05/12/business/12regulate.html?src=busln
May 11, 2010 at 1:12 PM | Registered CommenterDr. Pitchfork
To be honest this is better than i thought . I figured it would be watered down to nothing.
I guess we will see what happens now.
May 11, 2010 at 1:13 PM | Unregistered CommenterJTS
NEWS FLASH paper shredders sold out.
May 11, 2010 at 1:17 PM | Unregistered CommenterJTS
C-SPAN must have assumed that the "crisis" started in September 2008.

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I have some calls out...i'm not so sure that C-Span made a mistake...the sanders' bill might have been amended again this morning before the vote...
May 11, 2010 at 1:19 PM | Registered CommenterDailyBail
The Vitter amendment was just defeated soundly, 62-37.
YAY
May 11, 2010 at 1:37 PM | Unregistered Commenterwestern bail bonds
The Vitter amendment was just defeated soundly, 62-37. Yay,

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I'll assume that was sarcasm...
May 12, 2010 at 12:14 AM | Registered CommenterDailyBail

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